A critical dissertation on the nature, measures and causes of value

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Monograph

Identifikator:: 1858887097

URN:: urn:nbn:de:zbw-retromon-271916

Document type:: Monograph

Author:: Bailey, Samuel http://d-nb.info/gnd/1055121706

Title:: A critical dissertation on the nature, measures and causes of value

Place of publication:: London

Publisher:: The London School of Economics and Political Science (University of London)

Year of publication:: 1931

Scope:: xxviii, 255 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. On real and nominal Value

Collection:: Economics Books

14 ON REAL AND crease ina kind of value called real, which has no reference to any other commodity whatever *. Apply to the position of this author the rule recommended in the last chapter: in- quire, when he speaks of value, value in what? and all the possible truth on the subject appears inits naked simplicity. The touch of this talis- man will show, that the paradox above quoted, * Unless it be to an imaginary commodity, to which, in assertions of this kind, there seems to be a latent refer- ence ; a commodity namely, always produced by the same labour. It is no matter, on this theory, whether such a commodity exists or mot. An object a is tried by this ideal standard, and if it is found that it would have risen in relation to it, had the standard existed, 4 is pronounced to have risen in real value—so that any one in a jocular mood might be tempted to define real value, ¢ value esti- mated by a standard which has only an imaginary existence.” Nor is the reference to such a standard always a merely tacit or latent one. Mr. Ricardo assigns as a reason for calling an alteration in wages a fall, that it would . appear to be a fall if the value of labour were estimated in an hy- pothetical standard of this kind.

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